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CBN, Banks To Offer Single-digit Loans To Creative Industry, Others

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The Central Bank of Nigeria and banks, under the aegis of the Bankers’ Committee have decided to commence the disbursement of single-digit loans soon to the creative industry, and some cash crops.

The amount to be disbursed is N200 billion.

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Herbert Wigwe, the CEO of Access Bank said the committee revisited the entitle value chain of music, movies, information technology and fashion, right from production facilities to capacity building, to ensure that whatever is produced is world-class.

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“At the Bankers Committee, we got the approval to take it to the next level, which is simply to do a final presentation and share it with the market and how it’s going to happen. So by next week there will be announcement for those who want to participate in each of these segments.

According to Wigwe, the specific amount will depend on which of the strata an individual falls into and what the individual does.

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“The loans are for a maximum of 10 years, they are single-digit interest rate loans and reflective of the fact that in these industries, what you require is long term financing at single-digit; while we will ask for collateral, it will be flexible,” Wigwe added.

The Managing Director of the United Bank for Africa (UBA), Mr. Kennedy Uzoka, who spoke on the resolutions of the committee to enhance support for the real sector said the committee agreed to immediately focus on oil palm, cocoa, sesame seed and of course shea and cashew.

“Based on the meeting we had, we are going to be lending at single-digit, up to a maximum of 10 years and we are going to devote N200 billion to support this and that would change the narrative for export.” Uzoka said

 

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